Business News in Brief

Ethiopia Launches Online Visa for 39 Countries

Ethiopia government has launched an Online Entry Visa Application and Issuance (E-Visa) for citizens of 39 countries, Africa Review reports.

Ethiopian Airlines said that the policy was launched by Ethiopian Immigration and Nationality Affairs.

Of the total, only the citizens of the South Africa are eligible from the African continent, while Kenya and Djibouti are exempted because their citizens do not need a visa to enter Ethiopia.

The majority of those eligible for the E-Visa are European countries.

Financial Statement: Insurance Commission Releases Approved Companies

The National Insurance commission has released the list of insurance companies that it approved its 2016 financial statements as at June 13, 2017.

The list released signed by the Head, Corporate Affairs of the commission, Mr Rasaaq Salami on Tuesday in Abuja named FBN General Insurance, Wapic Life and Ensure Insurance companies financial statement as approved.

Others are  Continental Reinsurance,  Zenith General Insurance , FBN Insurance , Zenith Life Assurance , Consolidated Hallmark Insurance, Custodian and Allied and  Custodian Life

Forte Oil to Raise ₦20b Fresh Capital

The management of Forte Oil Plc on Friday said it was perfecting arrangements to raise the sum of N20 billion from the equity market to support operation and drive diversification strategy.

Mr Julius Omodayo-Owotuga, Forte Oil Group Executive Director, Finance and Risk Management, said this at a news conference in Lagos, the News Agency of Nigeria reports.

Omodayo-Owotuga said that the proceeds realised from the fund raising exercise would be used for business expansion, enhancement of working capital and downstream businesses, among others.

Nigeria to Raise ₦236.6b in Treasury Bills

Nigeria plans to sell 236.66 billion naira ($777.1 million) of short-dated treasury bills at an auction on June 14, the central bank said on Wednesday.

The bank said it plans to sell 39 billion naira of three-month debt, 23.02 billion of six-month bills and 174.64 billion of one-year notes, using a Dutch auction system. Payment will be due the day after the auction, Reuters reports.

Nigeria's central bank issues treasury bills twice a month to finance a budget deficit, help manage commercial lenders' liquidity and curb rising inflation.

Unemployment Rate Rises to 14.2% in Nigeria

The National Bureau of Statistics (NBS) said the unemployment rate in the country rose from 13.9 per cent in the 3rd quarter to 14.2 per cent in the 4th quarter of 2016.

The NBS made this known in the “Unemployment/Under-employment Report for 4th Quarter of 2016’’ made available on the bureau’s website on Tuesday in Abuja.

The report said that the period under review showed that population, unemployed was 27.12 million in 3rd quarter, compared to 28.58 million persons in the 4th quarter.

Gulf States Ban: Qatar Airways Loses Billions of Dollars

Qatar’s state airline is set to become the biggest loser from the diplomatic breakdown in the Persian Gulf — with competitors in Dubai and Abu Dhabi also set to suffer.

Some 76 daily flights are likely to be grounded, of which 52 are operated by Qatar Airways, after Saudi Arabia, Bahrain, Egypt and the United Arab Emirates suspended ties with Qatar, according to data from scheduling firm OAG.

Some 30 per cent of the carrier’s revenue could be affected, aviation analysts at Frost & Sullivan estimate.

EU Commits €50m to Combat Militants in West Africa

The European Union committed 50 million euros ($56 million) on Monday to help the countries of West Africa's Sahel region set up a multinational force to combat Islamist militant groups, Reuters reports.

The vast, arid zone has in recent years become a breeding ground for jihadist groups - some linked to al Qaeda and Islamic State - that European nations, particularly France, fear could threaten Europe if left unchecked.

Nigerians, Others to Pay £5.48 for UK Visa Email Enquiries

Nigerians and other nationals, who make email enquiries about UK visa, will now have to pay a fee of £5.48, in addition to the cost of the visa.

The British High Commission said from June 1,   email enquiries by visa customers applying from outside the UK would attract the fee as from June 1.

The high commission made this known in a brief report on changes to UK Visas & Immigration customer care operations made available by the Media Officer, Mr Joseph Abuku, in Abuja on Monday.

Economic Recession Looms in South Africa

South Africa’s economy may be headed towards technical recession as growth rate has shrunk and unemployment has hit levels not seen in 14 years.

According to a report by Reuters, the economy shrank 0.3 percent in the last quarter of 2016 and if it shows a contraction when domestic product results are released next week Tuesday, Africa’s  most industrialised economy will be in technical recession.

Reports said  unemployment rose to its highest in 14 years in the first quarter as agriculture and informal sectors shed jobs and more people stopped looking for work.